The Saudi quick commerce unicorn is reportedly exploring a bid for HungerStation, according to the Financial Times. This comes amid as competition intensifies around Delivery Hero’s Middle East assets.

Ninja is reportedly considering acquiring HungerStation, the food delivery platform owned by Germany’s Delivery Hero.

The potential move highlights the growing value of the Middle East’s food delivery and quick commerce market. This is a market in which regional and global players are competing for scale and market share.

Why You Should Care

According to the Financial Times, Riyadh-based Ninja is evaluating a bid for some of Delivery Hero’s Middle East assets. Most importantly, HungerStation is emerging as its primary target. Sources cited by the news giant said Ninja could present a proposal to Delivery Hero’s board as early as this week. Although discussions remain at an early stage and may not lead to a deal.

For Ninja, acquiring HungerStation would represent a significant expansion beyond its current quick commerce model. The company, which primarily operates dark stores focused on grocery and household deliveries, could gain immediate access to one of Saudi Arabia’s largest food delivery platforms.

The reported interest also comes as Delivery Hero explores options for its portfolio. This includes a potential sale of the entire company or the divestment of selected regional assets.

Ninja has also explored partnering with another company to acquire parts of Talabat, Delivery Hero’s Dubai-based delivery platform. However, HungerStation is reportedly viewed as the more practical target due to its easier integration and potentially lower regulatory complexity.

Founded in 2022, Ninja reached unicorn status within three years. Additionally, it was valued at approximately USD 1.5 billion during a fundraising round last year.

Meanwhile, Delivery Hero’s Middle East assets have attracted interest from several parties. For instance, Uber is exploring a broader acquisition of the German delivery group, while DoorDash has also shown interest in the company’s regional operations.

Some shareholders have reportedly indicated support for offers approaching EUR 10 billion for Delivery Hero’s Middle East assets, with Talabat accounting for the majority of that value.

Talabat remains one of Delivery Hero’s most valuable businesses. The company raised around USD 2 billion through Talabat’s Dubai IPO in 2024, and the platform currently holds a market value of roughly USD 8 billion.

The Ripple

A potential sale of HungerStation would further consolidate Saudi Arabia’s rapidly evolving delivery market while strengthening the position of a local technology company against international competitors.

The interest in Delivery Hero’s regional assets also underscores the Middle East’s growing importance as a growth market for delivery platforms. As competition intensifies and expansion opportunities become more limited in other global markets, regional operations are increasingly being targeted for acquisition.

Any transaction involving HungerStation or Talabat could also influence the broader competitive landscape across food delivery, quick commerce, and digital consumer services in the Gulf.

What to Watch

The immediate focus will be on whether Ninja formalizes its interest with a bid and how Delivery Hero’s board responds to competing approaches from regional and international players.

Equally important will be whether Delivery Hero pursues a full-company sale or opts to unlock value through separate transactions involving its Middle East assets. The outcome could reshape ownership of some of the region’s largest delivery platforms and determine who controls one of the fastest-growing segments of the digital economy.